Statement

"President Obama promised to cut the deficit in half during his first term. Instead, the American people have gotten four straight years of deficits exceeding $1 trillion and an increase in the national debt of $5 trillion, the largest amount accrued during one term of any president. President Obama believes that Washington must spend money it does not have in order to create jobs and enact his vision for America's future. But after failed stimulus programs, preferential industry bailouts and Washington picking winners and losers in the economy, 23 million Americans are unemployed or underemployed and the jobless rate in America has remained at or above eight percent for 42 straight months.

"In contrast to the president's failed leadership, House Republicans have proposed we do something about this threat to our nation's future. In the House of Representatives, we have drafted, debated, and passed a budget that includes responsible reforms that would eliminate our federal budget deficits and pay down our national debt, all while growing our economy and spurring job creation. We call on President Obama and the Democrat-led U.S. Senate to join us in earnest, meaningful efforts to limit government spending, promote economic growth through free enterprise and entrepreneurship, and get America out of this crippling debt. Our economy, our national security and our future prosperity depend on it."

Chairman Tom Price serves on the House Committee on Ways and Means, as well as the House Committee on the Budget.